Essex Property Trust, Inc. (NYSE:ESS) Receives Average Recommendation of “Hold” from Analysts

by · The Markets Daily

Essex Property Trust, Inc. (NYSE:ESS – Get Free Report) has earned a consensus rating of “Hold” from the nineteen brokerages that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $310.83.

Several analysts recently weighed in on ESS shares. BMO Capital Markets lifted their price objective on Essex Property Trust from $315.00 to $317.00 and gave the company an “outperform” rating in a report on Wednesday, May 28th. Barclays boosted their price target on shares of Essex Property Trust from $303.00 to $328.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. Scotiabank reiterated an “outperform” rating on shares of Essex Property Trust in a research note on Friday, June 13th. Mizuho cut their price objective on shares of Essex Property Trust from $314.00 to $293.00 and set an “outperform” rating on the stock in a report on Friday, May 23rd. Finally, Piper Sandler restated an “overweight” rating and set a $355.00 target price (down previously from $370.00) on shares of Essex Property Trust in a report on Friday, May 23rd.

Read Our Latest Analysis on Essex Property Trust

Essex Property Trust Trading Up 0.2%

ESS stock opened at $284.66 on Wednesday. Essex Property Trust has a 12 month low of $243.85 and a 12 month high of $317.73. The firm’s 50-day moving average is $280.82 and its 200 day moving average is $286.45. The company has a market capitalization of $18.33 billion, a PE ratio of 27.24, a P/E/G ratio of 5.93 and a beta of 0.78. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.04 and a quick ratio of 1.04.

Essex Property Trust (NYSE:ESS – Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $3.97 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.05. The firm had revenue of $464.58 million during the quarter, compared to the consensus estimate of $458.03 million. Essex Property Trust had a net margin of 37.08% and a return on equity of 11.81%. During the same quarter in the previous year, the firm posted $3.83 earnings per share. On average, research analysts anticipate that Essex Property Trust will post 15.96 EPS for the current year.

Essex Property Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $2.57 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $10.28 dividend on an annualized basis and a dividend yield of 3.61%. Essex Property Trust’s dividend payout ratio is currently 98.37%.

Institutional Investors Weigh In On Essex Property Trust

Large investors have recently made changes to their positions in the stock. Kestra Investment Management LLC acquired a new stake in Essex Property Trust during the 4th quarter worth about $25,000. WPG Advisers LLC acquired a new position in shares of Essex Property Trust in the first quarter valued at about $31,000. Ransom Advisory Ltd purchased a new position in shares of Essex Property Trust in the first quarter worth about $31,000. Zions Bancorporation National Association UT purchased a new position in shares of Essex Property Trust in the first quarter worth about $34,000. Finally, GKV Capital Management Co. Inc. acquired a new stake in shares of Essex Property Trust during the first quarter worth about $35,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

About Essex Property Trust

(Get Free Report

Essex Property Trust, Inc, an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.

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